Industry News

President Trump Delays Deadline for 301 Tariff Increase

February 25, 2019

Sunday, February 24th, President Trump announced that he would extend the deadline for the anticipated tariff increase on Chinese goods subject to Section 301 tariffs. Originally scheduled to take effect on March 1st, the action would have raised ad valorem tariffs from 10 to 25 percent on a wide array of Chinese agricultural and manufactured goods exports, valued at an estimated $200 billion.

Although the administration has set no new deadline for negotiations, it is currently planning a summit at which Presidents Donald Trump and Xi Jinping will hopefully finalize an agreement. According to Reuters, Chinese and American officials have been drafting memoranda of understanding intended to articulate shared positions with respect to intellectual property, agricultural, subsidization, and service industry regulation.